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Title: How does CoinSecure & BTCxIndia pay service tax? Post by: TigerMart on May 16, 2016, 10:35:24 PM I found explicit mention of tax (which I guess is service tax) on UnoCoin bitcoin price calculator. But, could not find anything as such on CoinSecure & BTCxIndia. I understand their calculation would be different as they are primarily a trading platform. So, service tax is probably calculated on their trading commission, which does not directly affect their end user. But, is it the case, that they are booking profit in bitcoin and hence exempt of any service tax at all. Can someone shed light into this?
Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: globalgaurav on May 17, 2016, 02:22:55 AM some changes depend on regulations and policies around crypto currency at state and center levels
and the other ideas will depend on an individual entrepreneur / founder's available resources, risk appetite, vision, among other things. broadly speaking. Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: dashingriddler on May 17, 2016, 05:36:49 AM The other way round is charging trading fee inclusive of all taxes. As in if you are charging 100 INR as the trading fee which is defined as your service and if their trading fee is above 10L per annum, then that 100 INR would include 87.34 as the trading fee and 12.66 INR service tax.
Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: Benson Samuel on May 17, 2016, 04:09:16 PM I found explicit mention of tax (which I guess is service tax) on UnoCoin bitcoin price calculator. But, could not find anything as such on CoinSecure & BTCxIndia. I understand their calculation would be different as they are primarily a trading platform. So, service tax is probably calculated on their trading commission, which does not directly affect their end user. But, is it the case, that they are booking profit in bitcoin and hence exempt of any service tax at all. Can someone shed light into this? Coinsecure pays from fees collected. Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: mynameisdon on May 17, 2016, 05:49:02 PM I found explicit mention of tax (which I guess is service tax) on UnoCoin bitcoin price calculator. But, could not find anything as such on CoinSecure & BTCxIndia. I understand their calculation would be different as they are primarily a trading platform. So, service tax is probably calculated on their trading commission, which does not directly affect their end user. But, is it the case, that they are booking profit in bitcoin and hence exempt of any service tax at all. Can someone shed light into this? Coinsecure pays from fees collected. suppose you buy and sell 1,00,000inr btc at profit of 1500inr/btc then your paying tax to government will be....? Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: dashingriddler on May 17, 2016, 06:55:43 PM Service tax has nothing to do with profit or revenue. It is directly applied on transaction fee or any service provided.
Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: TigerMart on May 17, 2016, 09:59:31 PM The other way round is charging trading fee inclusive of all taxes. As in if you are charging 100 INR as the trading fee which is defined as your service and if their trading fee is above 10L per annum, then that 100 INR would include 87.34 as the trading fee and 12.66 INR service tax. Yah. I understand that. But, I am asking if the trading platforms can charge 0.003 BTC instead of 100 INR. In that case, they do not have to pay that 12.66 INR as service tax... is not it?I found explicit mention of tax (which I guess is service tax) on UnoCoin bitcoin price calculator. But, could not find anything as such on CoinSecure & BTCxIndia. I understand their calculation would be different as they are primarily a trading platform. So, service tax is probably calculated on their trading commission, which does not directly affect their end user. But, is it the case, that they are booking profit in bitcoin and hence exempt of any service tax at all. Can someone shed light into this? Coinsecure pays from fees collected. Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: dashingriddler on May 18, 2016, 03:12:04 AM Even in that case we still have to convert that BTC to INR and calculate the service tax and pay it to the government. Doing calculation in Bitcoin will not help you evade taxes.
Title: Re: How does CoinSecure & BTCxIndia pay service tax? Post by: Benson Samuel on May 18, 2016, 05:29:37 AM The other way round is charging trading fee inclusive of all taxes. As in if you are charging 100 INR as the trading fee which is defined as your service and if their trading fee is above 10L per annum, then that 100 INR would include 87.34 as the trading fee and 12.66 INR service tax. Yah. I understand that. But, I am asking if the trading platforms can charge 0.003 BTC instead of 100 INR. In that case, they do not have to pay that 12.66 INR as service tax... is not it?I found explicit mention of tax (which I guess is service tax) on UnoCoin bitcoin price calculator. But, could not find anything as such on CoinSecure & BTCxIndia. I understand their calculation would be different as they are primarily a trading platform. So, service tax is probably calculated on their trading commission, which does not directly affect their end user. But, is it the case, that they are booking profit in bitcoin and hence exempt of any service tax at all. Can someone shed light into this? Coinsecure pays from fees collected. Gonna send this to Vipul to take a look at. We collect in BTC and INR fees, but convert BTC value to INR for taxation. |